Financial Health and Performance Overview
Commercial Real Estate
Portfolio comprised of Commercial Real Estate, and Construction loans which include project management and trade contractors
LOANS OUTSTANDING
Q2/22 Q1/23 Q2/23
19.9
24.3
26.2
Total Portfolio: $67.1Bn
Y/Y: +27%
Q/Q: +6%
15.4 16.1
11.9
11.6 12.4
9.5
4.0 4.3 4.5
3.1 2.9 3.1
4.2 4.8 4.8
Residential/Multi
Family
REITS
Office
Retail
Industrial
Other²
BY GEOGRAPHY
BY SEGMENT
•
HIGHLIGHTS
Growth in Real Estate and Construction loans has
been primarily from under-supplied sectors
(Residential and Industrial), representing 75% of
portfolio
Exposure is geographically diversified across
Canada, PAC, US and other regions, with US
exposure largely to investment grade corporate
borrowers
Industry headwinds continue due to rising interest
rate, high inflation and supply constraints which are
in part mitigated by long standing relationships to
top tier developers with experience managing
through cycles
Including Office REITs, total exposure to Office
subsector was $6.9Bn (10% of portfolio), of which
~2/3rds was investment grade facilities primarily to
large, diversified proponents
Other
2 Retail
APAC
Other
3%
5%
6%
7%
US
12%
Office
7%
Q2/23
Office (including REITS)
Canada
$4.3 Bn
63%
APAC
1.2
17%
PAC
0.7
10%
Residential
/Multi
US
0.3
4%
PAC
13%
Q2/23
$67.1 Bn
Canada
66%
REITS
18%
Q2/23
$67.1 Bn
Other
0.4
6%
Family
39%
Total
$6.9 Bn
Industrial
24%
1 REITs include REITS-Industrial (7%), REITS-Retail (3%), REITS-Residential (3%), REITS-Office (3%) and REITS-Diversified (2%); 2 Other includes Engineering & Project Management and Trade Contractors
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